最火的“以太坊财库”遭遇做空，商业模式受Kerrisdale狙击

Core Viewpoint - BitMine Immersion Technologies, now the largest public holder of Ethereum, faces significant challenges from short-seller Kerrisdale Capital, which claims the company's strategy of acquiring Ethereum through premium stock sales is no longer effective [1][4]. Group 1: Business Model and Valuation - BitMine has transformed from a Bitcoin mining company to a major Ethereum acquirer, holding 283 million Ethereum worth over $12.5 billion, with approximately 9 Ethereum per 1,000 shares [4]. - Kerrisdale argues that the effectiveness of BitMine's strategy is diminishing as the premium of its stock price relative to its net asset value (NAV) has decreased from over 2.0 times in August to 1.2 times in September [4]. - The company raised $10 billion through market offerings in the past three months, leading to investor fatigue as each rebound is perceived to face more supply [4]. Group 2: Leadership and Transparency Issues - Kerrisdale's report questions the leadership of Tom Lee, suggesting he lacks the strong following that could sustain investor enthusiasm during stock issuances [5]. - The report criticizes BitMine for becoming less transparent, particularly in its failure to report key metrics like NAV as growth slows [6]. - Kerrisdale believes that BitMine's strategy lacks the necessary elements of scarcity, leadership charisma, and innovation, which are essential for its success [6]. Group 3: Market Sentiment and Stock Performance - Following the release of Kerrisdale's report, BitMine's stock experienced volatility, opening above $60 but dropping over 5% to a low of $57.41 before closing up 1.35% at $60 [1]. - The stock had previously peaked at $130 in July but has since seen a significant decline, with a year-to-date increase of 17,042% [1].